Unlock New Income Streams and Support Affordable Housing with Collingwood’s Latest Initiative
As a dedicated real estate broker serving the Collingwood community, I’m excited to share a fantastic opportunity that could benefit both homeowners and renters alike. The Town of Collingwood has recently rebranded and relaunched its incentive program for homeowners interested in adding an apartment to their property. Now called the Rapid Additional Residential Unit Initiative, this program is designed to help ease the affordable housing crisis while offering significant financial rewards to participating homeowners.
What is the Rapid Additional Residential Unit Initiative?
This initiative is part of Collingwood’s broader effort to encourage the creation of additional residential units on existing properties. Whether you have a spacious basement, an unused garage, or even the potential to build a separate coach house, this program provides the perfect opportunity to convert that extra space into a long-term rental unit. In return, the town is offering a substantial incentive: $10,000 to help cover the costs of adding the apartment.
Who Can Benefit?
This program is particularly appealing to a variety of homeowners:
- Empty nesters: With grown children having moved out, empty nesters often find themselves with more space than they need. This program offers a chance to transform that space into a source of income.
- Seniors: For seniors, especially those on a fixed income, this initiative could provide a financial boost while helping others in the community secure affordable housing.
- New homeowners: If you’ve recently purchased a home in Collingwood and have extra space, this is a great way to offset your mortgage payments.
- Over-housed individuals: If your home is larger than you currently need, why not make that space work for you?
The Process
Collingwood’s initiative makes the process as straightforward as possible. Building permits are issued on a case-by-case basis, and the town even offers pre-approved designs for accessory units, simplifying the planning phase. These designs have already been vetted by the town’s building department, ensuring compliance with local regulations.
The only stipulation is that you must rent out the newly created unit as a long-term rental for at least five years. By doing so, you’ll not only receive $10,000 to help with the upfront costs but also contribute to alleviating the local housing shortage.
Zoning Rules and Property Requirements
Thanks to recent updates in zoning regulations, almost every residential and rural property in Collingwood is now permitted to have up to four dwelling units—this includes the main dwelling and up to three accessory units. However, it’s important to note that all buildings on the property must conform to existing setbacks and lot coverage restrictions. This means that while many properties will be eligible for multiple units, some may not due to space constraints.
Why Participate?
Collingwood Mayor Yvonne Hamlin calls this a “neighbours-helping-neighbours” approach to affordable housing. By participating, you’re not just enhancing your property value and generating extra income; you’re also playing a crucial role in providing affordable housing solutions for the community.
In today’s challenging economic climate, where rising costs impact everyone, this program offers a win-win scenario. Homeowners can capitalize on underutilized space, while renters gain access to affordable housing options in a town that’s increasingly in demand.
How to Get Started
If you’re interested in learning more about how you can take advantage of this program, I’m here to help. As a real estate broker with deep knowledge of the Collingwood market, I can guide you through the process, from understanding the town’s regulations to evaluating your property’s potential for an accessory unit.
For more detailed information, you can also visit the Town of Collingwood’s official website or reach out directly via email at adu@collingwood.ca.
Let’s work together to make the most of this incredible opportunity, both for your financial well-being and the betterment of our community.
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